Question 1038333: Calculate the total interest on a loan of k5400 for 2 years at 9.5 % if the interest is compounded quarterly. Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! If the interest is compounded quarterly, then it amounts to .095/4=.02375 per compounding period. Since there are 8 compounding periods total, then the total interest is 5400(1+.02375)^8-5400=k1115.46!!!!!!!!!!
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